CHEVRON SEEKS BIDS ON HOLDINGS IN SPAIN

Chevron Corp. has again posted a "for sale" sign on its production and undeveloped acreage in Spain. The company's net proved reserves in three fields are estimated at 6 million bbl of oil equivalent, 80% crude oil and 20% natural gas. Repsol, the Spanish state oil company, is operator of all three. Chevron plans a detailed analysis of the cash value and terms of all bids before concluding a sale. It's offered its interests in Spain for sale in May 1989. Bids received were not deemed

Oct. 1, 1990

2 min read

Chevron Corp. has again posted a "for sale" sign on its production and undeveloped acreage in Spain.

The company's net proved reserves in three fields are estimated at 6 million bbl of oil equivalent, 80% crude oil and 20% natural gas. Repsol, the Spanish state oil company, is operator of all three.

Chevron plans a detailed analysis of the cash value and terms of all bids before concluding a sale. It's offered its interests in Spain for sale in May 1989. Bids received were not deemed appropriate, and the company took the properties off market.

WHAT'S FOR SALE

Chevron production in Spain includes:

Casablanca offshore oil field-8.92% working interest in almost 14,000 b/d. Repsol holds a 37.95% interest, while five other companies own the remainder.
Ayoluengo onshore oil field-25% working interest in about 600 b/d. Repsol holds a 50% interest, and the remaining 25% is held by Floyd Oil (Spain) Inc.
Marismas onshore complex-25% working interest in gas production that began last June at about 10 MMcfd. Repsol holds a 50% interest, Floyd the remaining 25%.

In addition, the offering involves six exploration permits and two exploitation concessions offshore covering about 460,000 acres in the Gulf of Valencia basin and 380,000 gross acres in the Sedano and Rio Guadalquivir basins.

Investment bankers Goldman, Sachs & Co. and Burns Fry Ltd. are representing Chevron in the proposed sale.